STMicroelectronics (NYSE:STM) shares are trading higher after the company reported better-than-expected Q4 results and issued strong guidance.
STM reported fourth-quarter EPS of $1.32, beating analyst estimates of $1.13.
The company expects first-quarter net revenues of $4.20 billion versus analyst consensus estimates of $3.92 billion. The company also guided 2023 revenue of $16.8 billion to $17.8 billion, above the consensus estimate of $16.28 billion.
“For 2023, we plan to invest about $4.0 billion in CAPEX, mainly to increase our 300mm wafer fabs and silicon carbide manufacturing capacity including our substrate initiative.” Jean-Marc Chery, STMicroelectronics President & CEO, commented.
STM is a global semiconductor serving customers across the spectrum of electronics applications.
STM Price Action: STM has a 52-week high of $47.55 and a 52-week low of $28.35.
STM shares are up 7.71% at $46.67 at time of publication, according to Benzinga Pro.
